Andreessen Horowitz leads $24 million funding round for Blackbird Labs
Crypto venture firm Andreessen Horowitz has taken the lead in a $24 million Series A funding round for Blackbird Labs, the team behind the web3 restaurant loyalty app Blackbird. Other participants in the round include QED, Union Square Ventures, Shine, Variant, and various restaurant groups. With this funding, Blackbird’s total funding now stands at $35 million. The company plans to use the funds to scale its operations.
Blackbird: Enhancing customer loyalty for restaurants
Blackbird offers a solution for restaurants to boost revenue by creating repeat customers. The app collects data on a customer’s preferences, such as likes, dislikes, and seating arrangements. It also tracks how often the customer visits the restaurant. Through repeated check-ins, customers can unlock perks and rewards. Additionally, Blackbird rewards its users with cryptocurrency that can be redeemed for entrees, drinks, or other restaurant rewards.
Partnership with Privy
To enable users to access their virtual balance of cryptocurrency rewards, Blackbird has partnered with crypto wallet manager Privy. Privy recently raised $8 million in a seed round led by Sequoia and BlueYard Capital in April 2022.
Hot Take: Revolutionizing restaurant loyalty programs with blockchain
The investment by Andreessen Horowitz in Blackbird Labs highlights the growing interest in leveraging blockchain technology to enhance customer loyalty programs within the restaurant industry. By utilizing data tracking and cryptocurrency rewards, Blackbird aims to create a seamless and personalized experience for customers while helping restaurants increase revenue through repeat business. This funding round will allow Blackbird to further develop its platform and expand its reach in the market. As blockchain continues to disrupt various industries, it’s exciting to see its potential impact on the dining experience.
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